WOODCLIFF LAKE, New Jersey ( TheStreet) -- Par Pharmaceutical ( PRX) agreed to buy privately held rival Anchen Pharmaceuticals for $410 million cash.

Anchen, based in Irvine, Calif., is profitable and has five commercialized products. It anticipates launching eight to 10 niche generic products over the next two years, Par said in a statement on Wednesday.

Par said the deal is expected to be immediately accretive to adjusted earnings in 2011. It expects the deal to close by the end of the year.

Par said it will finance the acquisition with cash on hand and a $350 million term loan.

"Anchen has an excellent development track record and robust product pipeline, which, when combined with Par's existing capabilities and pipeline, more than doubles our product opportunities," said Par CEO Patrick LePore, in a statement.

-- Written by Joseph Woelfel

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